Nevada License Law
What is the Nevada Real Estate Education, Research and Recovery Fund (NREC Recovery Fund) used for?
AFunding continuing education courses for Nevada licensees
BCompensating members of the public who suffer financial losses due to the dishonest conduct of Nevada real estate licensees✓ Correct
CFinancing real estate research projects at UNLV and UNR
DCovering NRED's administrative costs for license processing
Explanation
The Nevada Real Estate Education, Research and Recovery Fund (sometimes called just the Recovery Fund or Transaction Recovery Fund) compensates consumers who obtain a final judgment against a Nevada real estate licensee for fraudulent, negligent, or dishonest conduct in a real estate transaction and cannot collect from the licensee. The maximum recovery per transaction is $50,000 (with a $200,000 aggregate per licensee).
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